FXCM Closes Sale of DailyFX to IG Group, Close to 50% Repayment to Leucadia
- FXCM has repaid $154 million owed to Leucadia and will settle over half its debt after it receives final IG payment.
FXCM, an online provider of foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term trading and related services, announced today that it has closed on its sale of DailyFX, its news and research portal, to IG Group, a provider of Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term, for a total of $40 million.
The deal, which was announced in September, came as a surprise to the industry at the time, as FXCM had not included the online trading news portal on its list of assets for sale after the Leucadia bailout which the company was forced to take in the aftermath of the SNB crisis.
We have made another positive step towards completing our goal of eliminating the Leucadia debt.
The FM London Summit is almost here. Register today!
With today’s announcement, $36 million was paid to FXCM on closing, with an additional $4 million payable on completion of certain migration requirements.
As previously stated by the U.S. headquartered brokerage, FXCM's proceeds from the sale were used to repay debt owed to Leucadia. The company has made loan repayments of $154 million to Leucadia with $156 million outstanding. After the additional $4 million is received, FXCM will have repaid more than half the debt.
Drew Niv, CEO of FXCM, commented: "With the close of this deal we have made another positive step towards completing our goal of eliminating the Leucadia debt through the sale of non-core assets and cash generated through operations”.
Quayle Munro, an independent mergers and acquisitions advisory firm, served FXCM as advisors on the deal.
FXCM, an online provider of foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term trading and related services, announced today that it has closed on its sale of DailyFX, its news and research portal, to IG Group, a provider of Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term, for a total of $40 million.
The deal, which was announced in September, came as a surprise to the industry at the time, as FXCM had not included the online trading news portal on its list of assets for sale after the Leucadia bailout which the company was forced to take in the aftermath of the SNB crisis.
We have made another positive step towards completing our goal of eliminating the Leucadia debt.
The FM London Summit is almost here. Register today!
With today’s announcement, $36 million was paid to FXCM on closing, with an additional $4 million payable on completion of certain migration requirements.
As previously stated by the U.S. headquartered brokerage, FXCM's proceeds from the sale were used to repay debt owed to Leucadia. The company has made loan repayments of $154 million to Leucadia with $156 million outstanding. After the additional $4 million is received, FXCM will have repaid more than half the debt.
Drew Niv, CEO of FXCM, commented: "With the close of this deal we have made another positive step towards completing our goal of eliminating the Leucadia debt through the sale of non-core assets and cash generated through operations”.
Quayle Munro, an independent mergers and acquisitions advisory firm, served FXCM as advisors on the deal.